Paycheck Protection Program: SBA Issues Guidance on First Draw and Second Draw PPP Loans and Releases PPP Applications Pursuant to the Economic Aid Act


On January 6, 2020, the SBA published its 26th Interim Final Rule (the First Draw PPP IFR) and 27th Interim Final Rule (the Second Draw PPP IFR)[1] with respect to the Paycheck Protection Program (PPP), as reauth


Lenders rush to get PPP loans to Black-owned businesses


Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.


Small lenders embrace automation for latest PPP round


First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.


PPP forgiveness volume tops $100 billion: SBA


The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.


The Save Our Stages Act – Time for Eligible Businesses to Get Ready for Their Audition (Part 1 of 2)


Among the various bills that were amalgamated in the Consolidated Appropriations Act, 2021 (the omnibus appropriations and stimulus funding bill that was signed into law on December 27, 2020) was a modified version of the Save Our Stages Act (the “SOS Act”), a bill first introduced into the Senate by Sen. John Cornyn (TX) on July 22, 2020.


Biden picks California official Isabel Guzman to head SBA


President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision.


The Reauthorization and Revival of the Paycheck Protection Program and Economic Injury Disaster Loan Program under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act


On December 27, 2020, President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (the 2021 Consolidated Appropriations Act), an omnibus statute that is comprised of, among other laws, twelve fiscal year 2021 appropriations bills for the federal government and an economic aid package to assist business concerns that continue to face hardships due to the COIVD-19 pandemic.  Title III of the 2021 Consolidated Appropriations Act, which is cited as


Stimulus law may put disputes over PPP agent fees to rest for banks


The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.


What will it take to boost SBA lending?


Lenders want Congress to bring back incentives used during the last recession, such as bigger subsidies and reduced fees, to jump-start participation in the Small Business Administration's flagship 7(a) program.


In year of PPP, big banks tap brakes on SBA lending


Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.